Credit Suisse downgraded IBM (NYSE: IBM) from Neutral to Underperform with a price target of $175. Analyst Kulbinder Garcha thinks future organic growth will be challenging and he sees headwinds in Mainframe, UNIX Hardware and related software. He also sees risk as businesses shift to cloud, and he believes potential for divestitures and acquisitions are limited due to multiple expansion in the software sector. Garcha also noted IBM's deteriorating free cash flow.

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